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Analysis details (10:21)

Europe opened on a mostly firmer footing (ex-FTSE) but the bourses have pulled back from their best levels since the open, with the regional picture now more of a flat/mixed one. US equity futures remain resilient but off highs, with the contracts showing a relatively broad-based performance and still holding onto yesterday’s gains. In terms of commentary, Barclays suggests “Peaking inflation is welcome but unlikely to stop hawkish central bank moves short term. Meanwhile, the EU continues to slide towards recession. So rates should stay range-bound, with high volatility. We thus remain neutral rate-sensitive Value and Growth, but UW cyclical Size and OW defensive Momentum to hedge cycle risk.” The desk at Jefferies meanwhile said they are going long a basket of early cyclicals over defensives, whilst upgrading the weighting of financials to bullish and cutting healthcare to bearish. The desk continues to be attracted to gold mining...

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Analysis details (09:41)

DXY

The index is back on a softer footing following an overnight session of consolidation from yesterday’s CPI-induced losses, which dragged the index to a trough of 104.63 on Wednesday. DXY closed above 105.00 yesterday following commentary from Fed’s Daly, Kashkari, and Evans, who essentially called for more evidence of inflation pulling back before taking the foot off the hiking pedal, with the August CPI report due on September 13th ahead of the next FOMC meeting on September 20th-21st. However, the index trundled lower in early European hours from a 105.46 overnight high, to levels just under 105.00, but still some distance from yesterday’s low (104.63). “The low-yielder weighted DXY should find good demand below 105 and we would favour a recovery back to the 106.00/106.30 area”, say the analysts at ING. Ahead, US IJC and PPI could provide some impetus ahead of further commentary from Fed’s Daly in early APAC...

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